Pettifer turnover back on track

Pettifer Construction's annual turnover in 2006 bounced back to previous normality at £58m. Delays in getting started on two large contracts had triggered a dip to £32m in the previous year.

Pre-tax profit, however, failed to reflect this substantial upturn with the latest results (12 months to 30 September 2006) showing a figure of £810,000, only slightly ahead of the £750,000 pre-tax profit in 2005.

The latest figure represents a margin of 1.4%. Charles Pettifer, director, said: "We look to improve our margin going forward. The aim is 3%."

The company now has four contracts in progress worth £10m and above, the largest being St George's Tower in Leicester, a mixed-use development worth £21m. The average project size has risen from £1.5m five years ago to nearly £4m.

Turnover for the Pettifer Group ran to £21m (£1m), while pre-tax profit ran to £2.1m (£310,000). The business is involved in residential developments.

Pettifer Group operates with four directors. Brian Pettifer, son of the group's founder, was the highest paid at £2.1m, plus an additional £1.3m for his pension, making a total of £3.4m.